Effective January 1, 2017, Indiana has reduced their tax rates to the following:

Individual:  3.23%

Corporate:  6.5%

Also note that effective January 1, 2017, the local income tax rate imposed by a county is identical for residents and nonresidents subject to a local income tax. This applies to those persons who reside out of state but has his or her principal place of work or business in an Indiana county and are therefore subject to Indiana local income tax/withholding.

Contact your Somerset advisor for more information, or get in touch with us at .